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Law Capping interest rates
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wukan
#2621 Posted : Wednesday, August 29, 2018 4:12:07 PM
Rank: Veteran

Joined: 11/13/2015
Posts: 1,654
FRM2011 wrote:
FRM2011 wrote:

Finance bill finally on the floor of the house. There are numerous amendments on the bill. Lets see how this goes.


Debate has started. Several amendments adopted. Seems this one on interest capping will not be among the agenda being discussed. Does it mean it passes the way it was originally presented by Rotich ?? I don't know but that would be a stroke of genius. Parliament is heading for recess.



It's there on the Supplementary order paper.

Quote:
THAT, the Bill be amended by deleting clause 58 and substituting therefor the following new clause—
Amendment of section 33B of Cap.488.
58. Section 33B of the Banking Act is amended by—
(a) deleting subsection (1) and substituting therefor the following new subsection
(1) A bank or a financial institution shall set the maximum interest rate chargeable for a credit facility in Kenya at no more than four per cent, the Central Bank Rate set and published by the Central Bank of Kenya.
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FRM2011
#2622 Posted : Wednesday, August 29, 2018 4:26:24 PM
Rank: Elder

Joined: 11/5/2010
Posts: 2,459
wukan wrote:
FRM2011 wrote:
FRM2011 wrote:

Finance bill finally on the floor of the house. There are numerous amendments on the bill. Lets see how this goes.


Debate has started. Several amendments adopted. Seems this one on interest capping will not be among the agenda being discussed. Does it mean it passes the way it was originally presented by Rotich ?? I don't know but that would be a stroke of genius. Parliament is heading for recess.



It's there on the Supplementary order paper.

Quote:
THAT, the Bill be amended by deleting clause 58 and substituting therefor the following new clause—
Amendment of section 33B of Cap.488.
58. Section 33B of the Banking Act is amended by—
(a) deleting subsection (1) and substituting therefor the following new subsection
(1) A bank or a financial institution shall set the maximum interest rate chargeable for a credit facility in Kenya at no more than four per cent, the Central Bank Rate set and published by the Central Bank of Kenya.


Thanks, I had missed that.

The proposal on the housing fund (1.5%) meets some resistance on the floor.
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FRM2011
#2623 Posted : Wednesday, August 29, 2018 4:41:59 PM
Rank: Elder

Joined: 11/5/2010
Posts: 2,459
FRM2011 wrote:

Finance bill finally on the floor of the house. There are numerous amendments on the bill. Lets see how this goes.


Junet Mohamed passionately pushing for an extension of the VAT deadline to 2020. This would put on hold plans to charge VAT on petroleum products w.e.f 1st Sept 2018.

PS: The speaker has ruled that the rate cap amendment cannot be discussed until treasury gives its input.
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FRM2011
#2624 Posted : Wednesday, August 29, 2018 6:32:19 PM
Rank: Elder

Joined: 11/5/2010
Posts: 2,459
FRM2011 wrote:
FRM2011 wrote:

Finance bill finally on the floor of the house. There are numerous amendments on the bill. Lets see how this goes.


Junet Mohamed passionately pushing for an extension of the VAT deadline to 2020. This would put on hold plans to charge VAT on petroleum products w.e.f 1st Sept 2018.

PS: The speaker has ruled that the rate cap amendment cannot be discussed until treasury gives its input.


Update from parliament;

1. MPs have debated and voted to retain rate capping on loans but removed the rate on savings. Worth noting the speaker had ruled the amendment cannot be discussed.

2. MPs have rejected the treasury's proposal to introduce a mandatory contribution to the national housing fund.

3. MPs have rejected the VAT on petroleum and extended the deadline to 1st Sept 2020.
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FRM2011
#2625 Posted : Wednesday, August 29, 2018 6:37:55 PM
Rank: Elder

Joined: 11/5/2010
Posts: 2,459

The house also rejected the 0.05% tax on transfers over Kes.500,000 (robinhood tax).

What does this portend for the budgeting process in future ??
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newfarer
#2626 Posted : Wednesday, August 29, 2018 6:41:35 PM
Rank: Elder

Joined: 3/19/2010
Posts: 3,505
Location: Uganda
FRM2011 wrote:
FRM2011 wrote:
FRM2011 wrote:

Finance bill finally on the floor of the house. There are numerous amendments on the bill. Lets see how this goes.


Junet Mohamed passionately pushing for an extension of the VAT deadline to 2020. This would put on hold plans to charge VAT on petroleum products w.e.f 1st Sept 2018.

PS: The speaker has ruled that the rate cap amendment cannot be discussed until treasury gives its input.


Update from parliament;

1. MPs have debated and voted to retain rate capping on loans but removed the rate on savings. Worth noting the speaker had ruled the amendment cannot be discussed.

2. MPs have rejected the treasury's proposal to introduce a mandatory contribution to the national housing fund.

3. MPs have rejected the VAT on petroleum and extended the deadline to 1st Sept 2020.

fair enough
punda amecheka
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Ericsson
#2627 Posted : Wednesday, August 29, 2018 6:44:04 PM
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
Tomorrow banking stocks will rally;margin of profitability widened
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Wakanyugi
#2628 Posted : Wednesday, August 29, 2018 7:58:02 PM
Rank: Veteran

Joined: 7/3/2007
Posts: 1,635
FRM2011 wrote:
FRM2011 wrote:
FRM2011 wrote:

Finance bill finally on the floor of the house. There are numerous amendments on the bill. Lets see how this goes.


Junet Mohamed passionately pushing for an extension of the VAT deadline to 2020. This would put on hold plans to charge VAT on petroleum products w.e.f 1st Sept 2018.

PS: The speaker has ruled that the rate cap amendment cannot be discussed until treasury gives its input.


Update from parliament;

1. MPs have debated and voted to retain rate capping on loans but removed the rate on savings. Worth noting the speaker had ruled the amendment cannot be discussed.

2. MPs have rejected the treasury's proposal to introduce a mandatory contribution to the national housing fund.

3. MPs have rejected the VAT on petroleum and extended the deadline to 1st Sept 2020.


Fair enough. Kularaha predicted exactly this fudge on Caps. Let's see if Untie IMF will be satisfied.

What boggles my mind is MP's voting down easy cash grabs like the robing hood tax and the earlier plan to create a super bracket for PAYE. Like for sin taxes, no one cries when the rich get hit.
"The opposite of a correct statement is a false statement. But the opposite of a profound truth may well be another profound truth." (Niels Bohr)
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Ericsson
#2629 Posted : Wednesday, August 29, 2018 8:11:25 PM
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
If the ammendment on interest rates cap law is signed by the president competition will now be on deposits
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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mlennyma
#2630 Posted : Wednesday, August 29, 2018 8:58:21 PM
Rank: Elder

Joined: 7/21/2010
Posts: 6,194
Location: nairobi
Ericsson wrote:
Tomorrow banking stocks will rally;margin of profitability widened

Is there a rally mood in the nse?I don't think so but anything is possible in a stock market
"Don't let the fear of losing be greater than the excitement of winning."
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  | | Edit by user: Wednesday, August 29, 2018 8:59 PM | Reason: Not specified
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